Currency clash

China's currency is by most every account undervalued -- perhaps in excess of 25 percent, a fact that makes its goods relatively cheaper than those made elsewhere. So when the country announced a month ago that it would let its exchange rate fluctuate more, it temporarily eased tension with the U.S., where manufacturing groups and some members of Congress were pushing for the Obama administration to take a tougher line with officials in Beijing.Since then, however, the value of the yuan has barely moved against the dollar. -- Howard Schneider

Chart showing China's currency is by most every account undervalued.

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